NCUA has published a new rule that provides more flexibility for credit union advertising and puts credit union advertising in balance with bank requirements. The primary changes to the rule are as follows:
- The new rule allows a fourth statement to be used as NCUA’s official advertising statement which reads, “Insured by NCUA.”
- The rule extends the exemption for radio and television ads from 15 to 30 seconds. This will put credit unions on par with bank regulations.
- The rule also removes the requirement to include the official advertising statement on statements of condition. This change also puts credit unions back on par with bank regulations.
- The board declined to make any specific changes regarding social media, though it did indicate that the Office of General Counsel is available to take specific inquiries regarding social media advertising.
You can find the final rule published in the Federal Register here. If you have questions, contact Mike Lee, director of regulator advocacy, governmental affairs at LSCU.
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